I stumbled across something today.
The theory is valid but the only thing I can find on it so far is written by the guy who invented it.
It works by stealing energy from the turbulence in the boundary layer and dissipates it in a way to break up the turbulence vortex. This keeps the growth of the boundary layer down and thus reduces drag.
http://www.sinhatech.com/AIAA-2006-3030-245.pdf
I'll dig some more. It might belong in the unicorn coral but I wouldn't put it there just yet.